An update from the state Capitol.
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February 19, 2019

WHAT YOU SHOULD KNOW ABOUT GOV. WALZ'S BUDGET

It is important to invest in the state’s future for workforce, infrastructure and quality of life for Minnesota families. But the pathway toward economic prosperity isn’t through higher taxes and increased spending, especially at a time of surplus. Instead of growing government, we should be supporting private-sector innovators to fuel future growth and not make it more costly to do business in Minnesota.

To pay for his nearly $50 billion budget, Governor Tim Walz proposes increases on all Minnesotans: $1.26 billion in tax increases for FY 2020/21 and $1.7 billion in FY 2022/23. A 23% increase in the corporate income tax, totaling $613 million. A 70% increase in gas tax, making Minnesota fourth in the nation. Also increased motor vehicle sales tax and registration fees.
To pay for his nearly $50 billion budget, Governor Tim Walz proposes increases on all Minnesotans:
  • $1.26 billion in tax increases for FY 2020/21 and $1.7 billion in FY 2022/23.
  • A 23% increase in the corporate income tax, totaling $613 million.
  • A 70% increase in gas tax, making Minnesota fourth in the nation. Also increased motor vehicle sales tax and registration fees.
  • Continuing health care provider tax, resulting in additional taxes of $1.6 billion in FY 2022/23.
  • $68 million health benefit mandate with a new payroll tax.
  • Reinstates the automatic property tax increases on business properties, costing $53 million in FY 2020/21 and $165 million in FY 2022/23.

According to Governor Walz, “This is the budget that businesses have been waiting for.” We disagree. His budget would increase the cost of living and doing business in Minnesota. That affects all of us.

 
Video: Details of Governor Walz's tax-and-spend budget
Video: Why the governor’s budget is important